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Chinese domestic hot-rolled coil price decreased further by Yuan 40/tonne ($5.8/t) or about 1% on week over June 17-21 on the further built-up in stocks while the remaining high output, though the price may stand a chance of recovery on the latest restriction among steel mills in Tangshan, North China’s Hebei province until the end of July.
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The 137 domestic rebar makers across China whose operations Mysteel regularly tracks eased up on their pace of production during the June 13-19 week, with their output declining by 1.5% on week to 3.76 million tonnes, according to Mysteel’s latest weekly production study. The capacity utilization rate of these mills also retreated by 1.3 percentage points on week to 82.5% during the survey period.
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Dealer inventories of the five major finished steel products throughout China continued to accumulate during June 13-19, rising by another 1.2% on week to some 11.4 million tonnes, according to Mysteel’s latest stocks study among traders in 35 cities. The five are rebar, wire rod, hot-rolled coil, cold-rolled coil and medium plate.
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Chinese domestic hot-rolled coil prices continued to lose ground during the week of June 10-14, with HRC prices in East China witnessing a steeper decline than those in other major consuming regions in China, mainly as local traders reacted to the arrival of hot coils from North China, Mysteel Global has learned.
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China’s rebar output remained robust last week, with production reaching a new high as steelmakers scrambled to have product available for domestic sale while profit margins remained reasonably high, Mysteel Global notes.
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Stocks of the five major finished steel items at Chinese traders and steel mills increased over the period of June 6-12, with the traders’ stocks even seeing their first rise since the Chinese New Year holiday back in February, Mysteel has learned. Stocks mounted mainly because overall steel production stayed high while demand retreated due to the Wet season rains falling across much of China, industry watchers said.
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The most traded October rebar contract on Shanghai Futures Exchanges closed the daytime session on June 14 at Yuan 3,755/tonne ($542/t), an increase of Yuan 42/t from the settlement prices on June 6, Mysteel Global noted.
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Chinese hot-rolled coil production increased marginally over the week of June 3-6 whilst stocks continued to climb, with the result that the market is suffering supply-side pressure and HRC prices are slipping further, Mysteel Global notes.
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More Chinese steelmakers starting normal maintenance on their production facilities beginning this month shaved rebar output among the 137 long steelmakers Mysteel regularly tracks over May 30-June 5, according to Mysteel’s weekly production study.
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Stocks of the five major finished steel items at Chinese traders and steel mills decreased though at a slow pace during the week of May 30-June 5, mainly due to the lacklustre demand and negative sentiment in the domestic steel market, Mysteel has learned.
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Chinese domestic rebar production witnessed a slowdown last week after output rose nonstop for 11 straight weeks, according to the results of Mysteel’s latest weekly production survey, with production among the 137 long steelmakers regularly monitored contracting by 3,300 tonnes on week to 3.81 million tonnes during May 23-29.
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China’s domestic hot-rolled coil prices dropped in most parts of the country during the week ending May 31, mainly as downstream demand weakened further while supply saw no sign of slowing, Mysteel Global notes.
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Chinese steel stocks at traders declined at a much slower pace and stocks at Chinese steel mills even reversed up over Mysteel’s latest survey period over May 23-29, due to a noticeable slowdown in demand for steel nationwide. Persisting high levels of steel production are adding more pressure on the supply-demand balance in the domestic steel market, market sources indicated on May 31.
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Domestic hot-rolled coil prices weakened slightly over the week of May 20-24, mainly as the costs of production and raw materials remained at high levels whilst demand weakened in some parts of China, Mysteel Global notes.
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China’s rebar rolling capacity among 137 long steel producers has been persisted on an uptrend since the week of March 7-13, gaining another 0.7 percentage point on week to 83.6% over May 16-22, as the domestic steel market sentiment has stayed bullish despite East and South China will soon be into their rainy seasons, according to Mysteel’s latest survey.
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Chinese domestic rebar output reached nearly 3.8 million tonnes over the May 9-15 week, according to Mysteel’s latest weekly production study on 137 long steel producers across the country. The total was up by just 0.7% on week but survey respondents said output was set to track higher.
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Chinese domestic prices of hot-rolled coil declined over the week of May 13-17, mainly as downstream demand saw signs of weakness and traders lowered prices in order to stimulate sales, Mysteel Global notes.
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The most traded rebar contract on the Shanghai Futures Exchange increased by Yuan 35/tonne ($5/t) from the settlement price last Friday to end the daytime session at Yuan 3,771/t as of 15:00 May 17. But market players hold differing expectations regarding future price trends, Mysteel Global notes.
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Chinese rebar output from the 137 major long steelmakers Mysteel canvasses across the country continued to firm strongly during the May 2-8 week, up by another 2.1% week on week to nearly 3.8 million tonnes, according to Mysteel’s latest weekly production study.
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China’s domestic prices of hot-rolled coil lost ground over the week of May 6-10, mainly due to the softening of demand after the May 1-3 Labour Day holiday, market sources said. On the other hand, HRC production is still hovering at a high level.
